American Property Casualty Insurance Association’s response to the federal government’s request for comment on cyber insurance issues: “We believe it is premature to explore the details of a federal insurance response without conducting a thorough study of the threshold questions raised above to determine where, if at all, such a response is needed. Nevertheless, experience with the Terrorism Risk Insurance Program (TRIP) suggests that if a federal insurance program for catastrophic cyber risks was warranted, we would have concerns with a TRIP-like structure. For example, “mandatory make available” may not work, because it is hard to know what types of perils that may be under consideration for such a structure that insurers would be willing to cover in whole, in part, or at all. Additionally, a TRIA-like certification requirement may not be workable. In sum, should such a system be contemplated, a TRIA-type approach may not be the right solution even if federal involvement is appropriate.”
APCIA’s position was endorsed by the Council of Insurance Agents and Brokers (CIAB), CyberAcuView, and The Wholesale & Specialty Insurance Association (WSIA)
Source: APCIA Comments On FIO’s Potential Federal Insurance Response To Catastrophic Cyber Incidents